Will Federal Reserve leader Jerome Powell deliver a third consecutive interest rate cut? Investors certainly hope so.
The US economy has remained resilient despite industry weaknesses, and consumer spending offsets softness elsewhere. Still, investors expect the Fed to once again issue an "insurance" cut to protect against the negative fallout from the trade war and the global economic downturn.
Markets have a quarterly likelihood of more than 90%, according to CME Group's FedWatch tool.
The view: "The slowdown in domestic demand, weaker wage pressures and falling inflation expectations suggest that economic weakness is spreading and more measures may be needed in the coming months," ING economists said in a note to clients on Friday. They expect the Fed to follow up further interest rate cuts in December and January.
However, this schedule is dependent on the data ̵
1; and some important indicators will be provided later this week.
A third-quarter GDP estimate for the United States is projected to come in at 1.7%, according to a Reuters survey of economists. And the October job report, which comes out on Friday, is projected to show significant job growth during the 136,000 jobs added in September. (Although the General Motors strike is expected to have a major impact.)
Such releases may cause the case to continue to cut.
Another busy week for corporate revenue
It's peak earnings season, and a number of big names are reporting results this week. Stealing the show will be some of the world's largest technology companies – including Google parents Alphabet ( GOOG ) Facebook ( FB ) Apple ( AAPL ) and Alibaba ( BABA ) .
But considerable attention will also land on General Motors  ( GM ) reporting on third quarter revenue on Tuesday.
From my CNN Business colleague Chris Isidore: "GM's announcement could give investors a glimpse of how costly the five-week strike from the United Auto Labor Federation has been for the carmaker. The projections are that the strike, which began on September 16, cost the carmaker 1 $ 75 billion, all but most of those costs could be in the fourth quarter. "
Ranking and union members voted last week to accept a labor agreement reached October 16 and ended the strike.
The scene: The S&P 500 is expected to suffer a decline of 3.7% in earnings for the third quarter, according to the latest analysis from FactSet analyst John Butters. If this estimate is met, it will be the first time the index has reported three consecutive quarters of year-over-year revenue since the second quarter of 2016.
The streaming wars kick in high gear
The long-range streaming wars have finally come .
Apple launches its highly anticipated Apple TV + on Friday. The company has said that the service will be available in more than 100 countries at launch.
Apple TV + will cost only $ 4.99 per month, reducing competitors on costs. Investor question: Will the price tag and a blank programming slate be enough to compete with better established rivals like Netflix and Disney? When iPhone sales stop, the answer must be "yes."
On the Radar: Not to be overshadowed, WarnerMedia chief John Stankey just revealed in an interview with Reuters that HBO Max will be available to AT&T customers in the US who also subscribe to HBO at no extra cost. (WarnerMedia is CNN's parent company.)
With Disney + due to launch in the US in mid-November, the race to get customers in the door is underway. Don't expect it to slow down anytime soon.
Monday: AT&T ( T ) Spotify ( SPOT )  Walgreens ( WBA ) Alphabet and Beyond Meat ( BYND ) Revenue
Tuesday: American Consumer Confidence; BP ( BP ) ConocoPhillips ( COP ) GM (] GM )  GrubHub ( GRUB ) Kellogg ( K ) Merck ( MKGAF ) Pfizer ( PFE ) Xerox (] XRX ) and Mattel ( MAT ) revenue; Boeing CEO testifies before Congress
Wednesday: US interest rate decision; France and US Q3 GDP; Deutsche Bank ( DB ) Molson Coors ( TAP ) Yum! Brands ( YUM ) Apple, Facebook, Lift ( LIFT ) and Starbucks ([19459011)] SBUX ) revenue; Boeing CEO testifies before Congress
Thursday: Europe Q3 GDP; US personal income and expenses; Blue Forkle ( APRN ) Dunkin ( DNKN ) Estee Lauder ( EL ) Fiat Chrysler ( FCAU ) Kraft Heinz ( KHC ) Royal Dutch Shell ( RDSA ]) Sanofi ( GCVRZ ) and Pinterest ( PINS ) Revenue
Friday: United States Labor Report and ISM Manufacturing Index; Chinese and German production data; Alibaba, Chevron ( CVX ) Colgate-Palmolive ( CL ) ExxonMobil  ( XOM [19459010)]) Newell Brands ( NWL ) and US Steel ( X ) revenue